Treasury Metals Intersects High Grade Gold and Silver Mineralization at Goliath
TSX:TML
TORONTO, April 15, 2015 /CNW/ - Treasury Metals Inc. (TSX: TML) is pleased to announce additional results from its Phase II drilling program on its 100% owned Goliath Gold Project located near the city of Dryden in northwestern Ontario.
Treasury's drilling program focused on resource category conversion and on expanding the Main and C Zone mineralization. The primary objective has been on further developing the C Zone, the Western shoots at depth in areas that have not been previously drill tested and locations West of the main proposed pit. This drilling has intersected a new high grade zone (the B Zone) which is situated between the Main and C Zones. The Company is reporting another high grade intersection in the B Zone - Hole TL15-390B, which intersected 286.23 g/t Au and 26.0 g/t Ag over a core length of 1.0 m in the newly established zone with visible gold observed in a well mineralized quartz vein.
An expanded infill sampling program of existing drill core is nearing completion to further evaluate the gold potential of the B Zone and other zones along the main deposit. This included assaying 95 holes to test 110 new target zones. As recently reported, the B Zone has been intersected by other holes throughout the deposit that have also returned significant gold assays; holes TL14-373-15RE (6.32 g/t Au over a core length of 5.0 m), TL15-381B (24.18 g/t Au over 3.0 m), TL11-220 (8.78 g/t Au over 4.0) and TL08-22 (10.19 g/t Au and 52.22 g/t Ag over 0.25 m).
In the Main Central Zone, hole TL15-396 intersected a well mineralized and quartz veined unit that returned 7.93 g/t Au over a sample length of 2.74 m at a depth of just 36.0 m vertically from surface. This result is within the proposed reserve pit. The result came from an area considered to contain low gold concentration.
In an area located 400 meters west of the main proposed pit, the Company completed seven infill holes to discover and potentially delineate additional shallow, open pit-able resources. The program was following up on TL 14-367 which intersected 12.8 m at 2.71 g/t in the Main Zone at a vertical depth of 52 m during the Phase 1 program (see Press Release dated August 5, 2014). HoleTL15-400 returned 6.68 g/t Au over a sample length of 3.6 m in a Hanging Wall zone at a depth of 21.0 m from surface. Main Zone intersections included holes TL15-395 that returned 1.60 g/t Au over 7.0 m, and hole TL15-397 that assayed 3.38 g/t Au over 2.6 m followed by 6.20 g/t Au over 2.0 m. The latter hole also returned the best C Zone intersection of 2.07 g/t Au over a sample length of 2.0 m.
Results have been tabulated below and a full table of assays can be found on the company's website.
Further, bottle roll testing (1,000 gm) is currently underway to determine if this analytical method might recover more gold and increase potential gold ounces at Goliath, especially for core samples containing less than 5.0 g/t Au concentrations. Bottle roll and additional new fire assay results from the infill program will be reported as they become available.
Technical information in this press release has been reviewed and approved by Paul Dunbar, P. Geo, who is the qualified person under the definitions established by National Instrument 43-101.
| Hole No. |
Section |
Zone |
From (m) |
To (m) |
*Length (m) |
Au (g/t) |
| TL15-390B |
527775E |
Main HW Zone |
407.00 |
412.00 |
5.00 |
1.92 |
| B Zone |
460.00 |
461.00 |
1.00 |
286.23 |
||
| TL15-392 |
528150E |
C1 HW Zone |
185.00 |
186.00 |
1.00 |
3.86 |
| TL15-393WPP |
526500E |
Main HW Zone |
27.00 |
29.00 |
2.00 |
1.10 |
| TL15-394 WPP |
526600E |
D Zone |
60.00 |
61.00 |
1.00 |
2.42 |
| TL15-395 WPP |
526600E |
Main HW Zone |
108.00 |
115.00 |
7.00 |
1.60 |
| TL15-396 |
528100E |
Main FW Zone |
45.00 |
47.74 |
2.74 |
7.93 |
| TL15-397 WPP |
526625E |
Main HW Zone |
109.40 |
112.00 |
2.60 |
3.38 |
| Main FW Zone |
120.00 |
133.00 |
2.00 |
6.20 |
||
| C2 FW Zone |
189.00 |
191.00 |
2.00 |
2.07 |
||
| TL15-398 WPP |
526650E |
Main HW Zone |
82.70 |
90.00 |
7.30 |
0.95 |
| C1 HW Zone |
135.00 |
138.00 |
3.00 |
0.86 |
||
| TL15-399 WPP |
526700E |
Hanging Wall Zone |
39.00 |
41.00 |
2.00 |
2.93 |
| TL15-400 WPP |
526450E |
Hanging Wall Zone |
23.40 |
27.00 |
3.60 |
6.68 |
| WPP = Holes drilled West of the Main Proposed Pit |
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The drill core is sawn in half with one-half of the core sample shipped to Accurassay Laboratories in Thunder Bay, Ontario. The other half of the core is retained for future assay verification, and/or metallurgical testing. Other QA/QC procedures include the insertion of blind blanks and Canadian standards for every tenth sample in the sample stream. Selected quarter core duplicates are assayed every 20 samples. The laboratory re-assays 10% of all samples (pulps and rejects) and additional checks are routinely run on anomalous values including both gravimetric analysis and metallic screen fire assaying methods. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 30 gram sample (recently changed to 50 gm). A total of 5% of the sample pulps will be dispatched to a secondary assay laboratory for assay verification.
To learn more about Treasury Metals, please visit the Company's website at www.treasurymetals.com.
Forward-looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE Treasury Metals Inc.
Martin Walter, President and CEO, T: 1.416.214.4654, [email protected]; Greg Ferron, Vice President, Corporate Development, T: 1.416.214.4654, [email protected]; Follow us on Twitter @TreasuryMetals
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